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TeraWulf (Nasdaq: WULF) has announced the pricing of a private offering, upsizing it to $900 million in 0.00% Convertible Senior Notes due in 2032. The move includes a 37.5% conversion premium and grants initial purchasers an option to acquire an additional $125 million. The company anticipates net proceeds of approximately $877.6 million, potentially reaching $999.7 million if the option is fully exercised. These funds are primarily earmarked for financing the construction of a new data center campus in Abernathy, Texas and for general corporate expenditures. The initial conversion rate is set at 50.1567 shares per $1,000, implying a conversion price of roughly $19.9375. The notes will mature on May 1, 2032.
TeraWulf (Nasdaq: WULF) ha anunciado el precio de una oferta privada, aumentándolo a $900.0 millones en Notas Senior Convertibles del 0.00% con vencimiento en 2032. La medida incluye una prima de conversión del 37.5% y otorga a los compradores iniciales una opción para adquirir $125.0 millones adicionales. La compañía anticipa ingresos netos de aproximadamente $877.6 millones, pudiendo alcanzar los $999.7 millones si la opción se ejerce por completo. Estos fondos están destinados principalmente a financiar la construcción de un nuevo campus de centro de datos en Abernathy, Texas, y para gastos corporativos generales. La tasa de conversión inicial se establece en 50.1567 acciones por $1,000, lo que implica un precio de conversión de aproximadamente $19.9375. Las notas vencerán el 1 de mayo de 2032.
TeraWulf (Nasdaq: WULF) anunciou o preço de uma oferta privada, aumentando-a para $900,0 milhões em Notas Seniores Conversíveis de 0,00% com vencimento em 2032. A medida inclui um prémio de conversão de 37,5% e concede aos compradores iniciais uma opção para adquirir $125,0 milhões adicionais. A empresa antecipa receitas líquidas de aproximadamente $877,6 milhões, podendo atingir $999,7 milhões se a opção for totalmente exercida. Esses fundos são principalmente destinados a financiar a construção de um novo campus de centro de dados em Abernathy, Texas, e para despesas corporativas gerais. A taxa de conversão inicial é definida em 50,1567 ações por $1.000, o que implica um preço de conversão de aproximadamente $19,9375. As notas vencerão em 1 de maio de 2032.
TeraWulf (Nasdaq: WULF)는 2032년에 만기가 도래하는 0.00% 전환 가능 선순위 채권에서 $900백만 규모의 사모 발행 가격을 발표했습니다. 이번 발표에는 37.5%의 전환 프리미엄이 포함되었으며, 초기 구매자에게 추가로 $125백만을 인수할 수 있는 옵션을 제공합니다. 회사 측은 순수익이 약 $877.6백만에 달할 것으로 예상하며, 옵션을 완전히 행사할 경우 $999.7백만에 이를 수도 있습니다. 이 자금은 주로 텍사스주 애버내시에 있는 새로운 데이터 센터 캠퍼스의 건설과 일반 기업 비용 조달에 사용될 예정입니다. 초기 전환율은 $1,000당 50.1567주로 설정되어 있으며, 이는 전환 가격이 주당 약 $19.9375임을 의미합니다. 채권 만기일은 2032년 5월 1일입니다.
TeraWulf (Nasdaq: WULF) a annoncé la fixation du prix d’un placement privé, le portant à 900,0 millions de dollars en obligations de premier rang convertibles à 0,00 % échéant en 2032. Cette mesure comprend une prime de conversion de 37,5 % et accorde aux acheteurs initiaux une option d’acquérir 125,0 millions de dollars supplémentaires. La société prévoit un produit net d’environ 877,6 millions de dollars, qui pourrait atteindre 999,7 millions de dollars si l’option est pleinement exercée. Ces fonds sont principalement destinés à financer la construction d’un nouveau campus de centre de données à Abernathy, au Texas, et aux dépenses générales de l’entreprise. Le taux de conversion initial est fixé à 50,1567 actions par 1 000 dollars, ce qui implique un prix de conversion d’environ 19,9375 dollars. Les obligations arriveront à échéance le 1er mai 2032.
TeraWulf (Nasdaq: WULF) hat die Preisgestaltung eines Privatangebots bekannt gegeben und es auf 900,0 Millionen Dollar an wandelbaren Senior Notes mit 0,00% Verzinsung und Fälligkeit im Jahr 2032 erhöht. Der Schritt beinhaltet eine Wandlungsprämie von 37,5% und räumt den Erstkäufern eine Option ein, weitere 125,0 Millionen Dollar zu erwerben. Das Unternehmen erwartet einen Nettoerlös von etwa 877,6 Millionen Dollar, der sich bei vollständiger Ausübung der Option auf 999,7 Millionen Dollar belaufen könnte. Diese Mittel sind hauptsächlich für die Finanzierung des Baus eines neuen Rechenzentrums in Abernathy, Texas, und für allgemeine Unternehmensausgaben vorgesehen. Der anfängliche Wandlungssatz wird auf 50,1567 Aktien pro 1.000 Dollar festgelegt, was einem Wandlungspreis von etwa 19,9375 Dollar entspricht. Die Anleihen werden am 1. Mai 2032 fällig.
أعلنت TeraWulf (ناسداك: WULF) عن تسعير طرح خاص، برفعه إلى 900.0 مليون دولار في سندات كبار قابلة للتحويل بنسبة 0.00% تستحق في عام 2032. تتضمن هذه الخطوة علاوة تحويل بنسبة 37.5% وتمنح المشترين الأوليين خيار الحصول على 125.0 مليون دولار إضافية. تتوقع الشركة عائدات صافية تبلغ حوالي 877.6 مليون دولار، ويمكن أن تصل إلى 999.7 مليون دولار إذا تم ممارسة الخيار بالكامل. هذه الأموال مخصصة بشكل أساسي لتمويل بناء حرم جامعي جديد لمركز البيانات في Abernathy، تكساس، وللنفقات المؤسسية العامة. تم تحديد معدل التحويل الأولي عند 50.1567 سهمًا لكل 1000 دولار، مما يعني سعر تحويل يبلغ حوالي 19.9375 دولارًا. تستحق السندات في 1 مايو 2032.
Positive
- Expected net proceeds of $877.6M
- Upsize option could raise total proceeds to ~$999.7M
- Proceeds earmarked to fund Abernathy data center construction
Negative
- Potential issuance of ~45.14M shares if $900M fully converted
- Notes are senior unsecured obligations (no collateral protection)
- Conversion price ~$19.9375 could result in dilution if converted
Insights
TeraWulf secured a large convertible note package to fund a Texas data center, raising ~$877.6M net (pre‑option).
The transaction issues $900M of 0.00% convertible senior notes due 2032 with an initial conversion price of $19.9375 (a 37.5% premium to the 10/29/2025 close of common stock) and a 13‑day option for up to an additional $125M. The company expects net proceeds of approximately $877.6M, or ~$999.7M if the option is exercised, and intends to use proceeds to fund construction of a data center campus in Abernathy, Texas and for general corporate purposes.
The deal structure limits cash interest cost (0.00% coupon) but creates potential equity dilution through conversion (initial rate 50.1567 shares per $1,000). Key near‑term items to watch are whether the purchasers exercise the option within 13 days and the closing on 10/31/2025. Over the medium term, monitor conversion activity, any special interest payments tied to reporting covenant events, and redemptions permitted after 5/6/2029 when the company may cash‑redeem if the stock trades above the specified threshold.
The financing provides immediate capital for the Abernathy project while preserving near‑term cash interest savings.
Issuing senior unsecured convertibles that pay no regular interest preserves cash flow during construction while delivering ~$877.6M net proceeds; if the option is exercised net proceeds rise to ~$999.7M. The notes are convertible into cash, stock, or a mix at the company’s election, and the company cannot redeem until 5/6/2029, which limits early cash outlay but leaves long‑term dilution conditional on conversion mechanics.
Concretely, track three metrics: exercise of the $125M option (within 13 days), successful closing on 10/31/2025, and future conversion/redemption triggers (including the 130% stock threshold for redemption after 5/6/2029). These items shape cash planning, dilution timing, and the capital structure over the next 3–7 years.
10/29/2025 – 09:54 PM
EASTON, Md., Oct. 29, 2025 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, low-carbon digital infrastructure, today announced the upsize and pricing of its offering of $900 million aggregate principal amount of 0.00% Convertible Senior Notes due 2032 (the “Convertible Notes”). The Convertible Notes will be sold in a private offering to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”).
Key Elements of the Transaction:
- The offering comprises $900 million aggregate principal amount of 0.00% Convertible Senior Notes due 2032 (with a 37.5% conversion premium).
- TeraWulf has granted the initial purchasers of the Convertible Notes a 13-day option to purchase up to an additional $125 million aggregate principal amount of the Convertible Notes.
- The offering is expected to close on October 31, 2025, subject to satisfaction of customary closing conditions.
Use of Proceeds:
The Company anticipates that the aggregate net proceeds from the offering will be approximately $877.6 million (or approximately $999.7 million if the initial purchasers exercise their option to purchase additional notes in full), after deducting the initial purchasers’ discounts and commissions and estimated offering expenses payable by TeraWulf. The Company intends to use the net proceeds to fund a portion of the cost of construction of a data center campus in Abernathy, Texas and for general corporate purposes.
Additional Details of the Convertible Notes:
The Convertible Notes will be senior unsecured obligations of the Company, they will not bear regular interest and the principal amount will not accrete. The Company will pay special interest, if any, at its election as the sole remedy relating to the Company’s failure to comply with its reporting obligations. The Convertible Notes will mature on May 1, 2032, unless earlier repurchased, redeemed or converted in accordance with their terms. Prior to February 1, 2032, the Convertible Notes will be convertible only upon satisfaction of certain conditions and during certain periods, and thereafter, the Convertible Notes will be convertible at any time until the close of business on the second scheduled trading day immediately preceding the maturity date.
The Convertible Notes will be convertible into cash in respect of the aggregate principal amount of the Convertible Notes to be converted and cash, shares of the Company’s common stock (“common stock”) or a combination of cash and shares of common stock, at the Company’s election, in respect of the remainder, if any, of the Company’s conversion obligation in excess of the aggregate principal amount of the Convertible Notes being converted. The conversion rate will initially be 50.1567 shares of common stock per $1,000 principal amount of Convertible Notes (equivalent to an initial conversion price of approximately $19.9375 per share of the common stock). The initial conversion price of the Convertible Notes represents a premium of approximately 37.5% to the $14.50 closing price per share of the common stock on The Nasdaq Capital Market on October 29, 2025. The conversion rate will be subject to adjustment in certain circumstances. In addition, upon conversion in connection with certain corporate events or a notice of redemption, the Company will increase the conversion rate.
The Company may not redeem the Convertible Notes prior to May 6, 2029. The Company may redeem for cash all or any portion of the Convertible Notes, at its option, on or after May 6, 2029, if the last reported sale price of the common stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption to holders at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid special interest to, but excluding, the redemption date.
Holders of the Convertible Notes will have the right to require the Company to repurchase all or a portion of their Convertible Notes upon the occurrence of a fundamental change (as defined in the indenture governing the Convertible Notes) at a cash repurchase price of 100% of their principal amount plus any accrued and unpaid special interest, if any, to, but excluding the applicable repurchase date.
The Convertible Notes and any shares of common stock issuable upon conversion of the Convertible Notes, if any, have not been registered under the Securities Act, securities laws of any other jurisdiction, and the Convertibles Notes and such shares of common stock may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and any applicable state securities laws. The Convertible Notes will be offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act.
This press release shall not constitute an offer to sell, or a solicitation of an offer to buy the Convertible Notes, nor shall there be any sale of the Convertible Notes or common stock in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About TeraWulf
TeraWulf develops, owns, and operates environmentally sustainable, industrial-scale data center infrastructure in the United States, purpose-built for high-performance computing (HPC) hosting and bitcoin mining. Led by a team of veteran energy infrastructure entrepreneurs, TeraWulf is committed to delivering scalable, low-carbon compute capacity for next-generation AI and HPC customers.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts, such as statements concerning the terms of the notes, the completion, timing and size of the offering of the notes and the anticipated use of proceeds from the offering. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “seek,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “strategy,” “opportunity,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) the ability to mine bitcoin profitably; (2) TeraWulf’s ability to attract additional customers to lease its HPC data centers; (3) TeraWulf’s ability to perform under its existing data center lease agreements; (4) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates; (5) the ability to implement certain business objectives, including its bitcoin mining and HPC data center development, and to timely and cost-effectively execute related projects; (6) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to expansion or existing operations; (7) adverse geopolitical or economic conditions, including a high inflationary environment, the implementation of new tariffs and more restrictive trade regulations; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability and cost of power as well as electrical infrastructure equipment necessary to maintain and grow the business and operations of TeraWulf; and (10) other risks and uncertainties detailed from time to time in TeraWulf’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in TeraWulf’s filings with the SEC, which are available at www.sec.gov.
Contacts:
Investors: [email protected]
Media: [email protected]
FAQ
What size convertible notes offering did TeraWulf (WULF) price on October 30, 2025?
TeraWulf priced a $900.0 million offering of 0.00% Convertible Senior Notes due 2032 with a $125.0 million option for additional notes.
How much net cash will TeraWulf (WULF) receive from the convertible notes offering?
TeraWulf expects approximately $877.6 million net proceeds, or ~$999.7 million if the initial purchasers exercise their full option.
What is the initial conversion price and conversion rate for WULF convertible notes?
Initial conversion rate is 50.1567 shares per $1,000 principal (equivalent to an initial conversion price of ~$19.9375 per share).
How will TeraWulf (WULF) use proceeds from the October 2025 convertible notes offering?
The company intends to fund part of the construction of a data center campus in Abernathy, Texas and for general corporate purposes.
When do the WULF convertible notes mature and when are they redeemable by the company?
The notes mature on May 1, 2032; the company may redeem notes for cash on or after May 6, 2029 subject to specified price and trading-day conditions.
How many shares could be issued if TeraWulf’s $900M convertible notes are fully converted?
At the initial conversion rate, full conversion of $900M would result in approximately 45.14 million shares (about 51.41 million if the $125M option is also converted).
